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Cat bond pricing volatility in the first half of the year meant that some cedants didn’t want to risk entering the market, the Willis executive told Trading Risk.
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The loss tracking agency's data has been used on $17bn of reinsurance limit in its 10 year history.
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The CEO was speaking as Aon launched a new auction platform in Monte Carlo.
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PG&E will be excluded from the initial reinsurance for the California Wildfire Fund. -
Karen Clark & Company said Bahamian losses from Hurricane Dorian will reach $7bn including both insured and uninsured damages.
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Private ILS fund returns fell below cat-bond-only strategies in July as loss creep continued to drag down side pockets.
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Aon Securities CEO Paul Schultz has predicted that growth will return to the ILS market in the second half of the year after it dropped by $5bn year on year to 30 June.
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Reinsurance conditions began moving in investors’ favour in mid-year 2019, marking a delayed reaction to 2017-2018 losses.
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Jeff Fraser was assistant vice president of cat pricing at the insurer before joining the ILS start-up.
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Both North and South Carolina remain within the cone of probability for Dorian’s track but landfall is not projected.
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Fourteen cat bonds with a combined value of $1.18bn are expected to be a full loss following 2017 and 2018 losses, Trading Risk understands.
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The cat bond pricing index only dropped by 0.78 percent last Friday when Hurricane Dorian was forecast to be a Florida hit.
